Modera Wealth Management LLC Raises Stock Holdings in NVIDIA Co. (NASDAQ:NVDA)

Modera Wealth Management LLC lifted its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 967.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,348 shares of the computer hardware maker’s stock after purchasing an additional 104,540 shares during the quarter. Modera Wealth Management LLC’s holdings in NVIDIA were worth $14,250,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BLB&B Advisors LLC grew its holdings in shares of NVIDIA by 843.8% during the second quarter. BLB&B Advisors LLC now owns 570,768 shares of the computer hardware maker’s stock worth $70,513,000 after purchasing an additional 510,294 shares in the last quarter. Cypress Point Wealth Management LLC grew its holdings in shares of NVIDIA by 772.8% during the second quarter. Cypress Point Wealth Management LLC now owns 5,979 shares of the computer hardware maker’s stock worth $739,000 after purchasing an additional 5,294 shares in the last quarter. McAdam LLC lifted its position in NVIDIA by 945.0% in the 2nd quarter. McAdam LLC now owns 84,614 shares of the computer hardware maker’s stock worth $10,453,000 after buying an additional 76,517 shares during the last quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD lifted its position in NVIDIA by 752.9% in the 2nd quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 56,720 shares of the computer hardware maker’s stock worth $7,006,000 after buying an additional 50,070 shares during the last quarter. Finally, Perennial Advisors LLC lifted its position in NVIDIA by 910.9% in the 2nd quarter. Perennial Advisors LLC now owns 147,838 shares of the computer hardware maker’s stock worth $18,264,000 after buying an additional 133,213 shares during the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.

Insider Transactions at NVIDIA

In other news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the sale, the director now directly owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Tench Coxe sold 1,000,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the sale, the director now directly owns 5,852,480 shares of the company’s stock, valued at $698,025,289.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Colette Kress sold 66,670 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the completion of the sale, the chief financial officer now directly owns 4,954,214 shares in the company, valued at $577,611,810.26. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,352,303 shares of company stock valued at $521,745,907. Insiders own 4.23% of the company’s stock.

Analysts Set New Price Targets

NVDA has been the subject of a number of recent research reports. The Goldman Sachs Group restated a “buy” rating and issued a $135.00 target price on shares of NVIDIA in a research report on Monday, August 19th. DA Davidson restated a “neutral” rating and issued a $90.00 target price on shares of NVIDIA in a research report on Thursday, August 29th. Sanford C. Bernstein boosted their target price on NVIDIA from $130.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Jefferies Financial Group boosted their target price on NVIDIA from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Finally, Needham & Company LLC boosted their price objective on NVIDIA from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, NVIDIA currently has a consensus rating of “Moderate Buy” and an average price target of $142.10.

NVIDIA Price Performance

Shares of NVDA stock opened at $120.87 on Wednesday. The stock has a market cap of $2.97 trillion, a price-to-earnings ratio of 70.68, a PEG ratio of 1.06 and a beta of 1.67. The business’s fifty day moving average is $115.64 and its 200 day moving average is $107.64. NVIDIA Co. has a twelve month low of $39.23 and a twelve month high of $140.76. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last released its earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. During the same period in the prior year, the firm posted $0.25 earnings per share. The company’s quarterly revenue was up 122.4% on a year-over-year basis. Research analysts expect that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

NVIDIA announced that its board has approved a stock repurchase program on Wednesday, August 28th that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the computer hardware maker to purchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

NVIDIA Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio is currently 2.34%.

NVIDIA Company Profile

NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.